Pictet North America Advisors SA grew its stake in Western Digital Corporation (NASDAQ:WDC) by 22.4% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 37,166 shares of the data storage provider’s stock after purchasing an additional 6,804 shares during the period. Pictet North America Advisors SA’s holdings in Western Digital Corporation were worth $3,293,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors and hedge funds also recently bought and sold shares of the company. Arizona State Retirement System boosted its position in Western Digital Corporation by 1.0% during the 1st quarter. Arizona State Retirement System now owns 71,313 shares of the data storage provider’s stock worth $5,885,000 after buying an additional 700 shares during the period. Hillsdale Investment Management Inc. raised its holdings in Western Digital Corporation by 16.9% during the 1st quarter. Hillsdale Investment Management Inc. now owns 5,610 shares of the data storage provider’s stock worth $463,000 after purchasing an additional 810 shares during the last quarter. Advisory Services Network LLC bought a new position in Western Digital Corporation during the 1st quarter worth approximately $704,000. Korea Investment CORP raised its holdings in Western Digital Corporation by 14.7% during the 2nd quarter. Korea Investment CORP now owns 595,049 shares of the data storage provider’s stock worth $52,721,000 after purchasing an additional 76,459 shares during the last quarter. Finally, Fjarde AP Fonden Fourth Swedish National Pension Fund raised its holdings in Western Digital Corporation by 18.3% during the 2nd quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 67,329 shares of the data storage provider’s stock worth $5,965,000 after purchasing an additional 10,428 shares during the last quarter. Institutional investors own 82.44% of the company’s stock.
Several research analysts have issued reports on the stock. BidaskClub lowered shares of Western Digital Corporation from a “hold” rating to a “sell” rating in a report on Saturday, August 12th. Jefferies Group LLC restated a “hold” rating and set a $90.00 price target on shares of Western Digital Corporation in a report on Wednesday, June 28th. Vetr upgraded shares of Western Digital Corporation from a “buy” rating to a “strong-buy” rating and set a $101.80 price objective for the company in a research note on Monday, June 12th. Cowen and Company reiterated an “outperform” rating and issued a $115.00 price objective on shares of Western Digital Corporation in a research note on Monday, May 22nd. Finally, Summit Redstone reiterated a “buy” rating on shares of Western Digital Corporation in a research note on Saturday, July 22nd. Eight equities research analysts have rated the stock with a hold rating, twenty-seven have assigned a buy rating and two have issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $111.34.
In other news, insider Mark P. Long sold 1,446 shares of the business’s stock in a transaction that occurred on Tuesday, September 12th. The stock was sold at an average price of $87.63, for a total transaction of $126,712.98. Following the sale, the insider now owns 86,939 shares of the company’s stock, valued at approximately $7,618,464.57. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Michael D. Cordano sold 4,954 shares of the business’s stock in a transaction that occurred on Thursday, July 20th. The stock was sold at an average price of $94.98, for a total value of $470,530.92. Following the sale, the chief operating officer now directly owns 66,092 shares in the company, valued at approximately $6,277,418.16. The disclosure for this sale can be found here. Over the last quarter, insiders sold 134,891 shares of company stock valued at $11,854,827. 0.46% of the stock is currently owned by company insiders.
Shares of Western Digital Corporation (WDC) opened at 88.52 on Friday. Western Digital Corporation has a one year low of $52.10 and a one year high of $95.77. The stock has a market capitalization of $25.85 billion, a PE ratio of 66.06 and a beta of 1.21. The firm has a 50 day moving average price of $85.86 and a 200 day moving average price of $86.09.
Western Digital Corporation (NASDAQ:WDC) last issued its quarterly earnings data on Thursday, July 27th. The data storage provider reported $2.93 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.51 by $0.42. The business had revenue of $4.84 billion during the quarter, compared to analysts’ expectations of $4.82 billion. Western Digital Corporation had a return on equity of 21.23% and a net margin of 2.08%. The company’s revenue was up 38.5% on a year-over-year basis. During the same period in the previous year, the firm posted $0.79 earnings per share. Analysts predict that Western Digital Corporation will post $12.50 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, October 16th. Investors of record on Friday, September 29th will be issued a $0.50 dividend. The ex-dividend date of this dividend is Thursday, September 28th. This represents a $2.00 dividend on an annualized basis and a yield of 2.26%. Western Digital Corporation’s dividend payout ratio (DPR) is presently 156.25%.
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Western Digital Corporation Company Profile
Western Digital Corporation (Western Digital) is a developer, manufacturer and provider of data storage devices and solutions that address the needs of the information technology (IT) industry and the infrastructure that enables the proliferation of data in virtually every industry. The Company’s portfolio of offerings addresses three categories: Datacenter Devices and Solutions (capacity and performance enterprise hard disk drives (HDDs), enterprise solid state drives (SSDs), datacenter software and system solutions); Client Devices (mobile, desktop, gaming and digital video hard drives, client SSDs, embedded products and wafers), and Client Solutions (removable products, hard drive content solutions and flash content solutions).
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